A failed Argentinian harvest and increased Chinese demand will result in highly increased peanut prices. As a consequence, peanut butter will also become much more expensive.
Up by 30 %
“Peanut prices have soared“, peanut butter manufacturer Swartberg Levensmiddelen’s commercial director Jos van den Akker told Dutch daily paper Telegraaf. “Consumers should not be surprised if their favourite jar of peanut butter turns out to be 30 % more expensive than before.
Over the past few years, peanut butter prices dropped, mainly because the peanut prices dropped as well. Shortages will revert that trend though: a ton of peanuts cost about 1,200 dollars (1,060 euro) last year, but the price has gone up to 2,000 dollars (1,770 euro) already.
A failed harvest in Argentina is not the only reason for the higher prices. Increased Chinese demand is also to blame, as the peanut has gained popularity as a healthy snack.
